Retirement Planning

Retirement is not the finish line; it’s the start of the next race. To help you along your way, Security National Bank offers a variety of competitive products to provide potential tax savings* and compounding benefits. To learn more about preparing for the next leg of life’s great race, contact one of our professionals today!

* Consult your tax adviser regarding your situation.

Traditional IRA

Designed to encourage individuals to save for retirement, Traditional IRAs from Security National Bank offer a number of benefits including tax deferral of interest and earnings. A great option for those seeking basic financial security. 

  • Available to persons under the age of 70 ½ who have earned income.
  • The ability to contribute up to $5,500 (or 100% of earned income, whichever is less) for those under 50 and $6,500 for those over 50 to your retirement plan. Ask a Personal Banker for annual IRA contribution levels.
  • Contributions may be deductible from your taxes. Check with your tax advisor to see if you qualify.
  • Tax-deferred earnings on your contributions helps grow your savings more quickly as the account isn’t subject to taxation until you withdraw the funds.
  • Withdraw funds without IRS penalty under age 59 ½ for certain qualifying expenses such as the purchase of a home or higher education, although income taxes will apply.
  • Withdrawals may be taken after 59 ½ without penalty.
  • All Security National Bank Certificate of Deposits (CDs) qualify as Traditional IRA investments. See interest rates for more information.
  • FREE Online Banking service for reviewing your account information.

Roth IRA

Designed to maximize benefits upon retirement, Roth IRAs from Security National Bank are not tax-deductible. However, upon retirement, earnings from a Roth IRA may be withdrawn tax-free if guidelines are met.

  • Available to persons who have an annual modified adjusted income less than $114,000 or if joint tax filers, $166,000.
  • After tax contributions up to $5,500 (or 100% of earned income, whichever is less) and $6,500 for those over 50 to your retirement plan. Ask a Personal Banker for annual IRA contribution levels.
  • Potential tax-free earnings as long as withdrawals begin after you turn age 59 ½ and have had the account for at least 5 consecutive years.
  • Withdrawals for qualifying expenses are IRA penalty-free prior to age 59 ½, although income taxes will apply to any earnings included in the withdrawal amount.
  • Withdrawal of tax-free earnings, to the maximum amount of $10,000, for the purchase of a first time home, after you have had the account for at least 5 years—this benefit may be applied to yourself or your children.
  • Unrestricted access to your contributions at any time, without IRS penalty.
  • No minimum required distributions at age 70 ½; you may continue to contribute to your Roth IRA as long as you are a wage earner.
  • All Security National Bank Certificate of Deposits (CDs) qualify as Roth IRA investments. See interest rates for more information.
  • FREE Online Banking service for reviewing your account information.

Rollover IRA

Designed for retirees and people who are transitioning from one place of employment to another, Rollover IRAs serve as “holder accounts” for assets transferred from one qualified plan to another. A Rollover IRA offers tremendous flexibility for clients choosing new investment opportunities.

  • Retirement savings to continue growing tax-deferred.
  • Greater flexibility in choosing your investments.
  • The ability to withdraw money from your IRA more easily than from an employer plan (you are subject to income taxes and potential penalty taxes).
  • All Security National Bank Certificate of Deposits (CDs) qualify as Rollover IRA investments. See interest rates for more information.
  • FREE Online Banking service for reviewing your account information.

Mutual Fund or Stock Investing

See our Brokerage section under Wealth Management for further details.

Disclaimer

Investment and Insurance Products:

- Are NOT insured by the FDIC or any other federal government agency
- Are NOT deposits of or guaranteed by the Bank or any Bank Affiliate
- May Lose Value